OKX Web3 postpones new platform launch: what happened?
Crypto exchange OKX has slowed the rollout of its decentralized platform for trading perpetual futures. Founder and CEO Star Xu said the product was nearly ready for launch but the team opted to hold back, citing regulatory uncertainty.
Xu noted that as early as 2023, the OKX Web3 division began testing a platform intended to compete with major players like Hyperliquid and Aster. Both rivals have seen strong growth recently: Hyperliquid handled $319 billion in trades in July, while Aster processed over $22 billion in the same month.
OKX appeared ready to enter the market with a similar product but decided to avoid potential clashes with U.S. regulators. Xu cited the case of Deridex, which in September 2023, was charged by the Commodity Futures Trading Commission (CFTC) with illegally offering digital asset derivatives without licenses. The regulator also scrutinized perpetual swaps, the core instrument of OKX’s planned business, and brought related actions against Opyn and ZeroEx over alleged violations tied to margin trading.
Given the regulatory backdrop, OKX opted not to press ahead. Xu emphasized that interest in on-chain derivatives is rising sharply, but so too is pressure from U.S. regulators. He expressed hope that the market will soon get clearer rules, which would allow the company to expand its business into derivative instruments.
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